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Aug 08 2011

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Kuwait Investors Become Largest GCC Buyers of Dubai Real Estate

Luxury Dubai-based developer DAMAC Properties responded to the figures, by confirming it has observed an increase in inquiries from Gulf investors, particularly Kuwaiti nationals, over the past six months.

"Dubai is only an hour and a half flight from Kuwait, which makes it an ideal location for a second home, or even a primary home for some Kuwaitis. Dubai has always been popular with Kuwaiti investors, but given the price and the quality of properties now available on the market, Dubai offers phenomenal value for money" said Niall Mc Loughlin, Senior Vice President of DAMAC Properties .

While affordability is likely the most significant factor stimulating demand, the revival of the property market is also being underpinned by a more favourable regulatory environment. The implementation of a raft of new regulations, including Dubai's new Strata Law which favours home owners, has also contributed to renewed buyer confidence in the property sector.

"Dubai's real estate market is now more stable and sustainable. Gulf investors are flooding back into Dubai and the broader UAE's property sectors on signs that the market's bottomed out and is already well advanced with the recovery phase" Mc Loughlin added.

Investor confidence in the UAE is now at its highest level in 12 months, according to the latest FPI investor sentiment survey. Investors are upbeat about the outlook for the UAE economy, with almost 60% of investors predicting that investment markets will improve over the next six months

The surging investor optimism in the Gulf Region is supported by the positive economic outlook released by the IMF, which upgraded its 2011 economic growth forecast for GCC countries to 7.8%.

"Right now, the Gulf region is outperforming most major developed economies around the world. Investors are positive about the future, and that sentiment is resonating in the property market. Real estate is a popular asset class for investors in this region, and a rebound in investor sentiment tends to manifest in the property sector," Mc Loughlin commented.

DAMAC Properties believes that investors will always be attracted to all of the positive attributes that Dubai has to offer - world-class infrastructure; strategic location; established tourist destinations, proven business centres; a highly skilled expat workforce; and most importantly strong and stable government leadership.

With 1,329 units to be delivered before the end of the year, and another 9,849 under construction across the region, DAMAC Properties continues to be a major contributor to Dubai's real estate revival. As it continues to extend its portfolio of luxury products, which offer significant investment opportunities, DAMAC Properties will be an enduring fixture in the Dubai landscape, and Dubai itself will continue to be a major draw for Gulf investors.

*Information about the UAE Ministry of Finance report can be found on the following website link: http://www.mof.gov.ae/En/AboutMinistry/News/Pages/1672011.aspx

Further information is available at www.damacproperties.com

-Ends-

DAMAC Properties , part of DAMAC Holdings was established in 2002, as a private residential, leisure and commercial developer in Dubai and the Middle East. Since then, DAMAC Properties has expanded rapidly into North Africa, Jordan, Lebanon, Qatar and Saudi Arabia.

DAMAC Properties has completed 28 buildings to date with 6045 units and spanning 10,619,469.00 sq feet with projects such as The Crescent and Lago Vista at IMPZ, Executive Heights and Smart Heights in TECOM, Lake View and Lake Terrace at Jumeirah Lake Towers, Business Tower and XL Tower at Business Bay and Ocean Heights, The Waves and Marina Terrace at the Dubai Marina.

Before the end of this year (2011) DAMAC Properties will complete a further 8 buildings comprising 1,329 units spanning 2,513,015.00 sq feet

DAMAC Properties also has a further 50 buildings at various stages of progress across the Middle East, North Africa region. These consist of 9849 units, spanning 16,886,151.00 sq feet.

In June 2010, DAMAC Properties further reinforced its position as a premium developer with the launch of DAMAC Tower in Beirut, Lebanon. A 28 iconic tower, this project is in association with Italian design group, VERSACE, with all interiors being designed by Versace Home.

The company has a diverse range of expertise that allows them to have a good oversight and management of all aspects of a project right from the acquisition of land, appointment of architects and designers, construction and sales to after sales service.

The company's projects are located in the most desirable and exclusive locations and homes are built to a high quality specification that has become synonymous with the group. DAMAC Properties aims to develop projects that include residential, commercial and leisure facilities that will create an integrated community.

In addition to support services provided by the Dubai headquarters, the company's comprehensive Customer Care Program provides solutions through its vast network with offices in the UAE, Jordan, Lebanon, Egypt, KSA and Qatar.

For more information please contact: Niall McLoughlin, Senior Vice President - Corporate Communications, DAMAC. Tel: +971 4 3732190 │ Fax: 00 9714 3732335 │Mobile +971 50 6531824. emaiI: niall.mcloughlin@damacgroup.com

© Press Release 2011